What's happening in Europe should not affect U.S. banks, says Bove, because most have virtually no exposure to the EU. Bove believes that the risk "not very great at all." for the "five big American banks" that do have exposure to Europe because the European Union will not let its banks fail.

Moreover, Bove says that whatever actions players in the credit default swaps’ (CDS) markets take have no affect on banks stock values.

“They’re off the radar screen, Bove says. They have nothing to do with the operation of the banks or with the banks’ profitability.”

“People can play all they want in the CDS market. It doesn’t affect the actual bank.”

According to Bove, the European Central Bank will do its own version of quantitative easing. "It's going to save all of the major European banks, says Bove. “It's already shown its will to do so.”

Meanwhile, French bank BNP Paribas said Thursday that its net profit plummeted 72 percent in the third quarter after it accounted for expected losses on its Greek bonds in line with a new European agreement that hopes to reduce Greece's burden and stop the crisis' march.

Under the new deal, inked just over a week ago, private holders of Greek debt agreed to take 50 percent losses on those bonds, in the hopes of helping Greece eventually dig out of its debt hole and protecting other countries from getting sucked into a similar situation.

The agreement has not yet been implemented and the Greek prime minister's surprise announcement this week to send it to a referendum has thrown the accord into question.